https://en.sputniknews.africa/20240928/zimbabwe-adjusts-local-currency-zig-exchange-rate-aiming-to-curb-inflation-1068458339.html
Zimbabwe Adjusts Local Currency ZiG Exchange Rate, Aiming to Curb Inflation
Zimbabwe Adjusts Local Currency ZiG Exchange Rate, Aiming to Curb Inflation
Sputnik Africa
Earlier, President Mnangagwa emphasized the importance of Zimbabwe having its own currency, stating that a sovereign nation shouldn't heavily depend on foreign... 28.09.2024, Sputnik Africa
2024-09-28T19:00+0200
2024-09-28T19:00+0200
2024-09-28T19:00+0200
sub-saharan africa
zimbabwe
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zimbabwe gold (zig)
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The Reserve Bank of Zimbabwe (RBZ) adjusted the ZiG exchange rate against the US dollar by 42.55%, setting the new rate at ZiG 24,3902 per US dollar. This first official adjustment since the ZiG's introduction in April aims to stabilize the local currency and curb inflation, which has been a major concern.The widening gap between official and black market exchange rates fueled inflation and benefited informal traders. The RBZ aims to stabilize the market by aligning the official rate with market realities.To address currency instability and inflation, the RBZ injected US$64 million into the interbank market, raised interest rates to 35%, and implemented monetary tightening measures. This includes increasing reserve requirements for banks, reducing foreign currency allowances, and further tightening monetary policy.
https://en.sputniknews.africa/20240717/more-than-40-of-world-countries-support-de-dollarization-1067529433.html
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zimbabwe, economy, politics, emmerson mnangagwa, zimbabwe gold (zig), currency, local currency, alternative currency, southern africa, exchange, market, finance, policy, us dollar, ditching dollar, de-dollarization
zimbabwe, economy, politics, emmerson mnangagwa, zimbabwe gold (zig), currency, local currency, alternative currency, southern africa, exchange, market, finance, policy, us dollar, ditching dollar, de-dollarization
Zimbabwe Adjusts Local Currency ZiG Exchange Rate, Aiming to Curb Inflation
Ekaterina Shilova
Writer / Editor
Earlier, President Mnangagwa emphasized the importance of Zimbabwe having its own currency, stating that a sovereign nation shouldn't heavily depend on foreign currencies. To achieve this, Zimbabwe launched Zimbabwe Gold (ZiG) on April 8, 2024, with the potential to adopt ZiG as its sole currency before 2030.
